Reuters analyst sees palm oil slipping back to 4,706–4,736 ringgit

what happened

Wang Tao, a Reuters technical analyst covering commodities and energy, noted that palm oil futures (FCPOc3) failed to get past resistance at 4,834 ringgit per metric ton. In his view, prices could drop back into the 4,706 to 4,736 ringgit zone. He ties this barrier to the 100% projection of a wave c that started at 4,578 ringgit, and considers it one of the likely end points of that wave.

If the price holds above 4,834 ringgit, he sees room for a climb into the 4,871 to 4,895 ringgit band. On the daily chart he points to 4,836 ringgit as the key ceiling, which matches a 61.8% retracement of the decline from 5,050 ringgit. He considers a pullback toward 4,705 to 4,771 ringgit likely.

The views are the author's own and are published on Workspace, a platform run by the London Stock Exchange.

why it matters

For palm oil traders, this is a technical signal: the 4,834 to 4,836 ringgit area becomes a reference point for positioning. The analysis relies on chart levels alone and does not account for demand, stockpiles or the ringgit's moves, so it is best read as one input rather than a forecast.

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